Thursday, 11 February 2016
Last updated 11 min ago
Nov 19 2009 | 5:13pm ET
Wells Fargo & Company today announced a new commercial banking group dedicated to supporting clean technology companies.
Based in Palo Alto, Wells Fargo’s National Cleantech group will offer customized commercial banking products and services to businesses that manufacture, market or develop clean technologies such as solar and wind power, energy and water efficiency, electric and low-emission vehicles, and smart grid applications.
“This new group will build on our success at serving the financial needs of some of the largest clean tech companies in the world, having already loaned more than $600 million to these businesses,” said Puon Penn, head of Wells Fargo’s National Cleantech Group. “Supporting clean technology is a priority for Wells Fargo, because we believe the sector will continue to grow and play a critical role in a greener economy.”
The new group will provide financial services and resources dedicated to helping international and domestic companies focused on decreasing the use of fossil fuels, fertilizers, industrial chemicals, and other activities that cause greenhouse gas emissions or other harmful environmental effects. The new division is also part of Wells Fargo’s growing efforts to serve the financial needs of technology companies worldwide. The company currently serves 5,500 technology customers in areas including life sciences, information technology services and software and semiconductors.
This is the latest step Wells Fargo is taking to support greener businesses. The company has already provided more than $5 billion in financing, including $1.6 billion in solar and wind project investments, $3 billion to support LEED-certified buildings, and other loans and investments for environmentally beneficial business opportunities. Wells Fargo also offers investment and insurance services for clean tech businesses and helps municipalities and non-profits invest in energy efficiency.